Catastrophic wildfires in California have become more frequent in past decades, while insured losses per event have been rising substantially. On average, California ranks the highest among states in the U.S. in the number of fires as well as the number of acres burned each year. The study of...

Catastrophic wildfires in California have become more frequent in past decades, while insured losses per event have been rising substantially. On average, California ranks the highest among states in the U.S. in the number of fires as well as the number of acres burned each year. The study of...

Quantifying factors giving rise to temporal variation in forest fires is important for advancing scientific understanding and improving fire prevention. We demonstrate that eighty percent of the large year-to-year variation in forest area burned in California can be accounted for by variation in...

The present paper develops a simple asymmetrical informational model that allows us to understand the individual´s willingness to participate in a strike. We develop and compare two signaling models of strikes: in one, firms are able to monitor and enforce hours and offer different workweeks to...

This paper develops a sample selection model for fractional response variables, i.e., variables taking values in the [0, 1]-interval. It provides an extension of the Papke and Wooldridge (1996) fractional probit model to the case of non-random sample selectivity. The model differs from the...

The celebrated Heckman selection model yields a selection correction function (control function) proportional to the inverse Mills ratio, which is monotone. This paper studies a sample selection model which does not impose parametric distributional assumptions on the latent error terms, while...

This paper investigates the effect that rising temperatures will have on wildfire size in the United States. Using data for 586 wildfires that occurred on US Forest Service land in the Northern Rockies between 1995 and 2012, I find that a 1% increase in the maximum temperature observed during...

This paper develops a rare disaster asset pricing model with EZ preferences, in particular including the impact of macroeconomic consequences of the COVID-19 disaster. I estimate the probability of disaster, disaster states, and the duration of disaster to shed light on the frequency and size of...

Climate change is predicted to substantially alter forest growth. Optimally, forest owners should take these future changes into account when making rotation decisions today. However, the fundamental uncertainty surrounding climate change makes predicting these shifts hard. Hence, this paper...

Climate change is predicted to substantially alter forest growth. Optimally, forest owners should take these future changes into account when making rotation decisions today. However, the fundamental uncertainty surrounding climate change makes predicting these shifts hard. Hence, this paper...